It’s no secret that technology, such as smart thermometers, Alexa-enabled devices, and smart doorbells, make life a lot easier. More and more households are taking advantage of smart devices, using Alexa to turn off the lights, turning on the AC from their phones so that the house will be cool when they get home, etc. These devices will undoubtedly have an impact on the housing and renting industry in the coming years.
When Did Homes Get Smart?
Sometimes, it can feel as though technology has advanced thirty years overnight. Everywhere you turn, there’s a new device coming out, or a software update for existing devices with handy new features, or (on the negative side) a new security concern affecting your devices and accounts. Smart home devices seem to have appeared in the same way, out of virtually nowhere, but they’ve actually been around much longer than you might think. Smart home technology has been coming out bit by bit since the early 2000s. The “Nest” thermostat came out in 2010 with the goal of saving energy while maintaining a comfortable temperature in the home. One of the most well-known smart devices, the Amazon Echo, was launched in 2014. By 2018, 24% of US households owned a smart speaker, according to Nielsen’s new consumer tracking surveys. So with technology impacting homes at a much higher rate, should landlords be adopting smart technology to enhance their rental properties? And if so, what kinds?
Smarter Rental Properties
There are many ways to update your rental property for the “smart home” era that is now upon us. For example, more and more apartment buildings are putting in keypad locks instead of traditional deadbolts. This simple move has a lot of advantages for both tenant and landlord. The tenant doesn’t have to worry about locking themselves out or losing/breaking their key, and by extension, the landlord doesn’t have to worry about having to let a locked-out tenant into their apartment at 2 in the morning.The downside of keypad locks is that since they run on electricity, a tenant could be locked out in the event of a power outage unless the lock has batteries installed for backup power.
A smart thermostat can be a significant expense, but perhaps a very smart investment for your rental property. Not only can small perks like these be a major draw to your building, it could also end up saving you and your tenants a lot of money on electricity in the long run.
Other Ways to Get Smart
“Smart apartment” doesn’t mean just an apartment with a bunch of smart devices. It’s about making the whole apartment experience easier for you and for your tenants. Another way to bring your rental property up to a higher standard is to make it easier for your tenants to pay their bills. There are a lot of programs that simplify the relationship between tenant and landlord- there are even apps like Cozy that make it simple for tenants to pay bills, report problems, and more. For landlords, these apps can make property management much easier by depositing payments directly into your bank account and even helping you choose between rental applicants.
Staying Up to Date
Finally, ensure that your tenants always have a great experience by staying up to date on improvements that you can make to your rental properties. Keep yourself informed on new developments in the smart home industry, and consider adding new devices or upgrading your management software now and then. It’s important to show tenants that you care enough to change with the times, and that you want to make their home as comfortable and fun to live in as possible.
Need Help Finding a Rental Property?
Schwarz Properties specializes in commercial and residential Property Management in Virginia, South Carolina, and North Carolina. Not only do we lead the market for industrial and warehouse space, our portfolio also includes retail space, restaurant space, residential properties, office space, and much more. If you are looking for apartments in Asheboro, NC, please contact Schwarz Properties at (336) 625-6076 or visit us on our website.
